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RE: AriseBank is Aiming to Decentralize Banking - With Help from Bitshares
Well it seems interesting, but this statement isn't true:
"it seems you'd go through verification once, in an encrypted manner that Arise never sees"
Banks have to "see" your full information and do numerous checks on your account, KYC(know your client) being one of them. I suggest not putting information like that in your post, because to knowladgable readers the whole project becomes shady the moment they read that.
I didn't mean to be offensive,the post is nicely written and I thank you for the information. It's just a little tip from a fellow steemian. Merry Christmas !
Using Grahpene you can make each coin only allowed by whitelisted holders, which can be kyc'd and xfers cleared by a central authority. Bitshares was built to be compliant.
ARise ID will just Identify your face but your name can remain private
Right, but in order to open a 'semi-decentralized' account that grants you access to things like debit cards and fiat on-ramps/off-ramps you have to do the same KYC/AML you'd do at, say, coinbase.
The difference with Arise seems to be that they managed to develop a customer-oriented private verification platform while trying to solve for opening accounts that adhere to federal regulations.
Which if you think about it is very cool. Arise themselves don't need to look at my paperwork because if I want a decentralized account I don't need paperwork.
But if I want to play with fiat they'll make the KYC/AML process one that doesn't actually involve them outside of meeting regulations for federal purposes.
From what I read and so far understand, once you complete verification through AriseID you will not have to reverify across the other Arise services that require a sign up.
The whitepaper discusses this process as one where you make the request to be verified (presumably on mobile) and the relevant KYC/AML info is communicated directly to the entity performing the check.
I'll be on the lookout for clarification about this process as more information becomes available.
Thanks for your comment, not offensive at all :) Merry Christmas
Oh, thank you for clearing that up. You might want to edit that into the post, you explained it well in your comment.
You got a new follower, I'll defenitely keep Arise on my radar, just not a fan of big ICOs, they always seem to dump when they go live on exchanges, so I prefer to buy there(altough that makes me a trader, not a real contributor).
Keep up the good work!
Thanks for the suggestion about editing that into the post and I'm glad I could help clarify, I'm still wrapping my head around it too.
I think I'll leave the post as is and update on that fact (citing this comment) when I cover AriseID.
Thanks for reading!